Ford said it will continue to demolish structures on its retained 45 acres of the site, located on the corner of I-96 and Wixom Road, under a separate sales contract.

Barrow Development said it is “too early to determine future plans” for the site, but they will be consistent with the city of Wixom’s newly created “Planned Unit Development District.”

The district will provide the new owners flexibility to develop a range of different property uses, including manufacturing, research and development, office and limited retail, according to officials.

“Our goal is to make this property an asset with long-term value,” said Brian Wilson, co-founder of Barrow Development Group, in a statement.

The Wixom facility opened in 1957 and produced numerous vehicles over the years, including the Lincoln Continental, Town Car, LS, Mark VI, VII and VIII, as well as the Ford Thunderbird and Ford GT.

Ford is “very pleased with the sale” and “look forward to watching new development,” according to a statement from Ford Land chairman and CEO Donna Inch.

“Both the mayor and city officials have been diligent and steadfast on assisting with repurposing the property and working with the new owners on demolition permitting,” she said.

Ford Land is a fully-owned subsidiary commercial real estate company of the automaker that plans, constructs, manages, and redevelops properties worldwide.

City officials in Wixom could not be reached when the sale was announced Friday because the offices were closed when contacted by MLive.com.

Here's a quick look at the history of the plant provided by Ford:

Dec. 2, 1955- Ground is broken for a new Lincoln plant called the Lincoln Assembly Plant.

April 15, 1957- Lincoln Division’s new national headquarters – including Lincoln Assembly Plant – opens in Novi, Mich., becoming the sole producer of all domestic and export vehicles for the Lincoln Division.

1958- The Lincoln Assembly Plant is renamed Wixom Assembly Plant.

1982 – Wixom is one of the first U.S. auto plants to embrace employee involvement as part of a union-management partnership.

1988 – Ford Motor Company announces it will invest $238 million to expand and modernize the paint facility at Wixom Assembly Plant. New paint lines will be housed in a 614,000 square foot addition to the plant.

1994 – In November, production begins on the all-new 1995 Lincoln Continental.

1997 – Wixom Assembly Plant is expanded by 500,000 square feet of floor space, making it the largest Ford car assembly plant in North America at 4.7 million square feet and one of the most high-tech assembly plants in the world.